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The Indian Premier League (IPL) 2024 concluded in a somewhat anti-climatic manner on Sunday, with the Kolkata Knight Riders (KKR) dominating the finals and securing their third title, leaving Sunrisers Hyderabad (SRH) with the runners-up medals. In the high-stakes final, Shreyas Iyer’s team turned the match into a one-sided showcase at the MA Chidambaram Stadium. Mitchell Starc's stellar bowling led KKR to bowl out SRH for a mere 113, setting a record for the lowest total in an IPL final. Beyond the glory of the trophy and the gleam of the winners' medals, KKR also pocketed hefty prize money for clinching the <keyword id="19911541" type="General" weightage="20" keywordseo="IPL-2024" source="keywords">IPL 2024</keyword> title. <cmsannotation type="cmsannotation" annotationid="How much prize money did KKR win after their third IPL title victory?" comment="subhead" text="How much prize money did KKR win after their third IPL title victory?">How much prize money did KKR win after their third IPL title victory?</cmsannotation> Although there's no official statement from the IPL, the prize money for this season reportedly mirrors last year's figures, with the BCCI maintaining the same prize money structure. Therefore, the total prize purse for IPL 2024 amounts to INR 46.5 crore. From this, KKR will receive INR 20 crore for their victory. Sunrisers Hyderabad, as the second-place team, will get INR 12.5 crore. Former champions Rajasthan Royals will be awarded INR 7 crore for finishing third, while fourth-placed Royal Challengers Bengaluru will take home INR 6.5 crore. As for the players, <keyword id="6354486" type="General" weightage="20" keywordseo="Virat-Kohli" source="Orion">Virat Kohli</keyword> will earn INR 10 lakh for ending IPL 2024 as the top run-scorer. Kohli clinched the Orange Cap, amassing 741 runs in 15 matches at an average of 61.75, including a century and five fifties. His highest score was 113*, and his strike rate of 154.69 marks his best in a single IPL season. <keyword id="865264" type="General" weightage="20" keywordseo="Harshal-Patel" source="Orion">Harshal Patel</keyword> of Punjab Kings secured the Purple Cap as the season's highest wicket-taker, earning INR 10 lakh. The proficient pacer finished with 24 wickets in 14 matches, boasting an economy of 9.73 and an average of 19.87. KKR veteran <keyword id="793467" type="General" weightage="20" keywordseo="Sunil-Narine" source="Orion">Sunil Narine</keyword> received the title of the Most Valuable Player of the Year for his all-round contributions, and he will take home INR 10 lakh. This marks <a href="https://www.businessinsider.in/sports/news/sunil-narine-becomes-first-player-to-win-mvp-award-in-ipl-thrice/articleshow/110453867.cms">a record third time that Narine has won the IPL MVP award</a>. He bagged his first during his debut season in 2012 for picking up 24 wickets, followed by another in 2018 when he scored 357 runs and took 17 wickets. Other award winners and their respective prize money figures are as follows: <ul><li>Emerging player of the season: Nitish Kumar Reddy (INR 10 lakh)</li><li>Super Striker of the season: Jake Fraser-McGurk (INR 10 lakh)</li><li>Ultimate fantasy player: Sunil Narine (INR 10 lakh)</li><li>Most sixes: Abhishek Sharma (INR 10 lakh)</li><li>Most fours: Travis Head (INR 10 lakh)</li><li>Catch of the season: Ramandeep Singh (INR 10 lakh)</li><li>Best pitch and ground of the season: Rajiv Gandhi International Stadium, Hyderabad (INR 50 lakh)</li><li>Fairplay award: Sunrisers Hyderabad (INR 10 lakh)</li></ul>These prize figures starkly contrast with the opening season of the IPL in 2008, when the champions were awarded INR 4.8 crore and the runners-up received INR 2.4 crore. The sheer gap between the figures of then and now illustrates the exponential growth the Indian Premier League has seen over the past decade and a half. Despite the increased prize money, the exorbitant fees for several star players across different franchises have been on a whole other level. For example, KKR signed Mitchell Starc for an astounding INR 24.75 crores this year, making him the most expensive purchase in IPL history. Following him as IPL 2024’s costliest signings were Pat Cummins at INR 20.75 crores, Daryl Mitchell at INR 14 crores, Harshal Patel at INR 11.75 crores and Alzarri Joseph at INR 11.5 crores.

IPL 2024 prize money: How much did KKR, SRH, Kohli, Harshal, Narine and others win this season?

When Wall Street money managers fall from grace, there's usually some kind of discernible ruckus: the <a target="_blank" href="https://www.businessinsider.com/hedge-fund-short-seller-archegos-implosion-credit-suisse-john-hempton-2021-4">wail of angry investors</a>, the steady drone of thousands of lawyers filing cases, and the rush of <a target="_blank" href="https://www.businessinsider.com/the-top-10-hedge-fund-implosions-of-all-time-2011-6">doomer headlines in the financial press</a>. But even as some of Wall Street's elite are getting decimated, you can barely hear a sound.In the post-financial-crisis world of zero interest rates, private equity — a <a target="_blank" href="https://www.businessinsider.com/personal-finance/private-equity-investment">clubby world of investment firms</a> that use leverage (as well as some equity) to purchase portfolio companies — was one of the few places on Wall Street that guaranteed investors yield. But after that decade of winning, the industry's fortunes have started to turn — though you probably won't hear too much about it.Part of the relative silence is because of the nature of private equity itself. Client funds are locked in, investments are rather hush-hush, and standard fee structures ensure that the rich stay rich regardless of how markets move. Under that blanket of protection, though, you might hear some muffled screams.In recent years, both the market and American society have turned on private equity. Rising interest rates have thrown a wrench in PE's debt-laden business model. Meanwhile, regulators are starting to view PE's practices as anticompetitive and antisocial. In a post-COVID, pro-reshoring world, PE's ethos of efficiency is giving way to a reclamation of the redundant — a recognition that even if it's more expensive, having extra capacity in the economy benefits competition, public health, and national security.Look, I'm not saying that the private-equity section of the billionaire boys' club is about to empty out — I'm saying it's going to be a few messy years. We're going to see companies blow up, we're going to see balance sheets get strained, and in that chaos, we're going to see a whole bunch of money get flushed down the drain.<h2>Even the biggest and best</h2>PE has made it rain for so long because its most common playbook is based on debt. First, a private-equity firm raises money for a fund using some of its own capital and some from outside investors. Second, the firm finds a business they think is underperforming or in a weak position and gobbles it up. But! Instead of blowing through all of the fund's cash upfront, the PE firm uses a sliver of that cash to invest in the firm and takes out a loan on the company's behalf to cover the rest. Then the investors dump all of that debt onto the company's balance sheet, a move called a leveraged buyout. After that, the firm gets to work trying to strengthen the company, maybe through layoffs or maybe by making internal processes more efficient. Once the company is "right-sized" and making enough to start paying off the debt, the PE firm flips the company, either by taking it back to the public markets via an IPO or selling it to another party — a competitor, a conglomerate, what have you.The years following the financial crisis were perfect for this kind of play. Because interest rates around the world were at zero, it was easy to take out a loan and cheap to manage all that debt. Investors, meanwhile, especially the large institutional ones like pension funds, had limited options for fat returns in a world where once-safe bonds yielded so little. So they were willing to dive headfirst into anything that promised them higher-than-average returns. By 2022, the American Investment Council reported that more than <a target="_blank" href="https://www.investmentcouncil.org/private-equity-delivers-the-strongest-returns-for-public-servants/">one-in-10 US pension funds</a> were invested in private equity. Back in 2006, alternative investments — money put toward private equity, hedge funds, and distressed real-estate debt — made up just <a target="_blank" href="https://digitalcommons.law.umaryland.edu/cgi/viewcontent.cgi?article=3931&amp;context=mlr">11% of public pension fund's portfolios</a>, by 2016 that number had hit 26%. By 2021, the last year of the golden times, PE did a record $1.2 trillion worth of deals, according to PitchBook.When the Federal Reserve started hiking interest rates, fortunes changed in kind. Taking out a loan has become more expensive, drastically changing the rationality of private equity's business model. Leveraged buyouts suddenly look stupid, and <a target="_blank" href="https://www.reuters.com/markets/global-markets-private-equity-graphic-2023-06-26/">PE dealmaking drastically decelerated</a> to where it sits now, at a four-year low and well below pre-pandemic levels. Along with fewer deals, PE firms have also been forced to hold on to (potentially) debt-laden companies for longer. The <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/private-equity-buyout-funds-show-longest-holding-periods-in-2-decades-79033309">average holding period for US and Canadian buyout companies</a> has risen to 7.3 years in 2023, the longest hold time since 2000, according to S&amp;P Global Market Intelligence. Other signs of this pain are everywhere: The number of <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/private-equity-fund-launches-pacing-for-big-decline-after-paltry-h1-76517923">new PE funds being launched</a> has fallen off a cliff, and making matters worse for PE, bonds are back, baby. For investors, why give all your millions to private-equity firms to take on risk when safe, investment-grade bonds are yielding mid-single digits? Even the biggest players have various reasons to worry. Over at <a target="_blank" href="https://www.wsj.com/business/earnings/carlyle-group-posts-lower-3q-revenue-218fdfcf">Carlyle Group, distributable earnings</a> — profits that can be returned to shareholders — fell to $367.4 million in the third quarter, down 43% from the same time last year. At KKR, distributable earnings in the third quarter were down 6.6% compared to the same time the year before, much better than the 23% year-on-year drop the firm reported in the second quarter. This summer, the ratings agency <a target="_blank" href="https://www.crainsnewyork.com/commercial-real-estate/moodys-downgrades-blackstone-kkr-apollo-real-estate-funds">Moody's downgraded</a> Blackstone, Apollo, and KKR because of their large commercial real-estate holdings (only 66% of US workers have returned to the office full time, most <a target="_blank" href="https://owllabs.com/state-of-hybrid-work/2023">reports</a> indicate)."Now we are at a point in time when PE is starting to lose the differential, the alpha, where they are making more money than other investments," the Pulitzer Prize-winning journalist Gretchen Morgenson said in <a target="_blank" href="https://thedig.substack.com/p/morgenson-and-rosner-talk-about-plunderous?utm_source=substack&amp;utm_medium=email#media-f1f7af08-4466-43ef-a66e-536e3d51ced2">a recent interview</a> about her book, "<a target="_blank" href="https://affiliate.insider.com?amazonTrackingID=biauto-62311-20&amp;h=000111d950d9db963e086ae6d70c28a030fb9fa6db01fccf02999c28327bfba9&amp;postID=65788fc64c878294df249cf3&amp;postSlug=wall-street-private-equity-woes-debt-stock-market-interest-rates-2023-12&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FThese-Are-Plunderers-Runs_and-Wrecks_America%2Fdp%2F1982191287">These Are the Plunderers: How Private Equity Runs ― and Wrecks ― America</a>."Private-equity firms were able to hide these troubles for a while, thanks in large part to the way they structure their investment vehicles. Morgenson and her coauthor, Joshua Rosner, argue that PE's proprietary way of marking the value of their investments has been — at least on paper — providing the industry with exaggerated returns compared to public companies. Publicly traded companies must disclose financial information, but PE acquisitions are privately held. That opacity has given PE an opportunity for what Morgenson called "wiggle room … if not outright lying about what the performance numbers are."There is no denying that in the face of higher interest rates, some in the industry are engaging in a bit of sleight of hand. <a target="_blank" href="https://www.ft.com/content/8b4a5df6-7f6d-480f-8d20-55793854c37e">Reporters at the Financial Times</a> put together an excellent rundown of the kind of financial contortions money managers are using these days: holding on to good assets and moving them into funds with poorly performing assets; deferring interest payments for debt-laden companies and instead adding them to the overall debt pile to be paid at some later date; collateralizing good assets to pay off debt for failing ones. Obviously, none of these are permanent solutions.The more time passes, the more money PE firms need to spend to hold their portfolio companies, and the harder it gets to juggle all this. Conditions will improve for private equity when interest rates go down. Until then, and perhaps even after that, expect the internal asset churn to continue until some firms quietly shutter or turn into <a target="_blank" href="https://www.bloomberg.com/news/features/2023-09-24/private-equity-zombie-firms-leave-pension-funds-with-hard-choices?embedded-checkout=true">zombie firms,</a> sucking up fees to hold on to stagnating companies while too-patient investors get stuck holding the bag.<h2>From go-go to get out</h2>For decades, private-equity firms have made it their mission to right-size US corporations: compelling companies that investment managers deem "underperforming" to lay off workers, sell assets, and slash costs, even if it meant a worse product for the end consumer. So it's somewhat ironic that US policymakers are starting to wonder if it's the PE industry that needs to be right-sized. It was one thing when PE was seeking to squeeze out efficiencies from bloated industrial conglomerates or moribund IT firms, but over the past decade-plus, the tentacles of private equity have spread to a wider range of industries — from HVAC repair and higher education to nursing homes and hospitals. It's become clear that the efficiency-obsessed tactics are hurting consumers and leaving our most vulnerable members of society in the lurch.Let's take higher education, for example. It's an industry heavily dependent on government subsidies, and private-equity firms have been able to acquire hundreds of for-profit schools and capture those subsidies for their investors. The problem, according<a target="_blank" href="https://www.nber.org/system/files/working_papers/w24976/revisions/w24976.rev0.pdf"> to a 2018 paper</a> by researchers at NYU's Stern School of Business, is that the students get shortchanged out of a quality education.In a study of 88 private-equity deals and 994 schools under PE ownership, the researchers concluded that "private equity buyouts lead to higher enrollment and profits, but also to lower education inputs, higher tuition, higher per-student debt, lower graduation rates, lower student loan repayment rates, and lower earnings among graduates."It's the same story at nursing homes. A study by the <a target="_blank" href="https://www.nber.org/digest/202104/how-patients-fare-when-private-equity-funds-acquire-nursing-homes">National Bureau of Economic Research</a> found that PE-owned nursing homes are more likely to be understaffed, pay higher management fees, charge patients more, and have higher patient-mortality rates. "Patients admitted to private equity-owned nursing homes are 50% more likely to be placed on antipsychotic medication. By sedating patients rather than applying behavioral therapy, nursing homes can reduce staffing needs. Private equity-owned homes also perform below average in two other key metrics of well-being: patients experience a greater decline in mobility and increased levels of pain," the paper said.In 2022, Congress passed the No Surprises Act, to stop hospitals from charging patients unexpected, eye-popping bills after visits to the emergency room. Private-equity-owned hospitals were the driving force behind those surprise charges, and they<a target="_blank" href="https://www.nytimes.com/2019/09/13/upshot/surprise-billing-laws-ad-spending-doctor-patient-unity.html"> fought as hard as they could</a> to keep the bill from passing. Researchers estimate that <a target="_blank" href="https://www.forbes.com/sites/robertpearl/2023/02/20/private-equity-and-the-monopolization-of-medical-care/?sh=73caf0542bad">25% to 40% of emergency rooms</a> are run by PE firms."One of the trends we've seen over the last decade is greater expansion of PE in healthcare markets," Lina Khan, the Federal Trade Commission chair, said on a recent episode of the Bloomberg podcast "Odd Lots." "At the FTC, we are business-model agnostic, but we have been hearing from a whole lot of market participants, including healthcare workers, about the ways in which PE's incursion can result in detrimental outcomes."One practice Khan is specifically concerned about is called a roll-up — in which a PE firm buys up all the small businesses in an area that are focused on the same type of service and merges them. In theory, this sort of consolidation is supposed to make operations more efficient by combining resources to lower costs — not to mention net the investors a tidy profit. But in reality, it creates a monopoly that is able to control prices. The FTC recently brought a lawsuit against a Texas-based company, US Anesthesia Partners, and the private-equity firm Welsh, Carson, Anderson &amp; Stowe, accusing them of a scheme to buy up all of Texas' largest anesthesiology practices in order to jack up prices. "This action puts the market on notice that we will scrutinize roll-up schemes," <a target="_blank" href="https://finance.yahoo.com/news/lina-khan-speaks-ftc-private-152058844.html">Khan said.</a> No, this isn't to say that all PE firms are out to do evil, but their business model has clear limits. If the pandemic taught us anything, it is that efficiency isn't everything, nor should it be in all cases. When it comes to certain sectors of the economy, it's in the public interest to allow humanity to supersede the numbers.I wish I could tell you that someone, somewhere was working on changing the private-equity game so that risk is more equitably distributed throughout the process. There are some in Washington, like Sen. Elizabeth Warren, who want to pass legislation that would force PE companies to wait two years before using the debt on acquisition companies to pay out dividends to investors. And of course, Democrats and some Republicans have agreed for years that it's time to close the carried-interest loophole — a rule that allows investment-fund gains to be taxed at a lower rate and largely benefits PE firms and hedge funds. And yet, it somehow never gets done. Both of these practices help keep the industry humming along, even as investments fail. That is why all of this money is dissipating so soundlessly.When a private-equity firm invests in a business, it often streamlines operations down to the last penny. But if the past decade or so has shown us anything about the industry, it's how to succeed with excess — an excess of capital, an excess of leverage, and an excess of opportunities. We're about to find out if the industry can survive without it, or if it was really excess keeping the kings of efficiency fat and happy all along.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

Wall Street's most vicious vultures are about to get torn to shreds

Hi. I'm Aaron Weinman. I want to talk about Wall Street folks' wallets. Investment bankers enjoyed some of their <a href="https://www.businessinsider.com/how-bankers-spending-bonuses-yachts-porsches-real-estate-luxury-goods-2022-2">best bonuses early this year</a>, but now they're bracing for <a href="https://www.businessinsider.com/everything-you-need-to-know-about-wall-streets-hiring-freeze-2022-7">lower compensation</a>. Some are getting ahead of that by landing new gigs.Let's unpack it.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/everything-you-need-to-know-about-wall-streets-hiring-freeze-2022-7"></a>1. Investment bankers are getting ahead of impending, potential job cuts by locking in their next pay day. A slump in dealmaking also has Wall Street rainmakers bracing for a cut in their compensation as banks look to trim expenses."Banks that have key hires for specific positions are still willing to pay a lot," one managing director told Insider. "So where senior folks can lock in pay, they'll move."Jefferies, for example, hired Chris Roop, the co-head of North American M&amp;A at JPMorgan, Bloomberg reported on Friday. And Insider's latest <a href="https://www.businessinsider.com/banker-of-the-week-jenny-lee-capital-markets-jpmorgan-brigade-capital-2022-8">Banker of the Week</a>, Jenny Lee, recently left JPMorgan to build the private-credit business at alternative-investment firm Brigade Capital Management.The dearth of deals also means that banks are facing losses for loans their capital-markets teams underwrote earlier this year. At the end of the second quarter, banks marked about $1.3 billion in losses for corporate debt commitments that they have not been able to sell to third-party investors in the bond and loan markets.It's a sharp U-turn from the beginning of this year, when investment bankers spent their bonuses on luxury goods like <a href="https://www.businessinsider.com/how-bankers-spending-bonuses-yachts-porsches-real-estate-luxury-goods-2022-2">Porsches and super yachts</a>. Cheap money and a booming stock market enabled bankers to <a href="https://www.businessinsider.com/buyout-titans-apollo-stone-point-bonds-loans-leveraged-private-equity-2021-4">lift dealmaking</a> across the capital markets to record levels in the last two years, and many were rewarded with handsome pay packets.Now, investment bankers will be hit the hardest when the next bonus season arrives, according to data from consultancy firm Alan Johnson Associates. Folks in underwriting segments could see bonuses dip <a href="https://www.reuters.com/business/finance/us-banker-bonuses-set-slide-while-traders-benefit-study-2022-08-04/">between 40% to 45%</a> compared to last year. Individuals who work on advisory services like M&amp;A will likely see their bonus checks shrink between 20% to 25%, the data showed."When you have volumes down and banks incurring losses it doesn't make for a good year. We're also seeing unannounced, unofficial hiring freezes at the junior levels," a second senior investment banker said.Here are some stories about the state of hiring, firing, and the dealmaking freeze across Wall Street:<ul><li><a href="https://www.businessinsider.com/how-goldman-sachs-annual-performance-reviews-work-wall-street-layoffs-2022-7">Inside Goldman Sachs' intensive performance review process</a>.</li><li><a href="https://www.businessinsider.com/everything-you-need-to-know-about-wall-streets-hiring-freeze-2022-7">Here's everything we know about Wall Street's belt tightening and how it will impact jobs and compensation</a>.</li><li><a href="https://www.businessinsider.com/jefferies-ceo-tried-to-calm-staffers-tensions-about-a-downturn-2022-6">Jefferies Chief Executive Rich Handler breaks down everything from layoffs to slowing deals to navigating a "yucky" period in the markets</a>.</li></ul>In other news:<a href="https://www.businessinsider.com/crypto-winter-impacts-jack-dorsey-block-earnings-cash-app-2022-8"></a><div type="image" title="crypto trading" height="3800" width="5066" msid="93432947" hostid="261" sizebytes="424960"></div>2. The crypto winter has arrived for Jack Dorsey's company, Block. The payments company reported a dip in overall revenue last quarter, and blamed some of that on crypto and <a href="https://www.businessinsider.com/crypto-winter-impacts-jack-dorsey-block-earnings-cash-app-2022-8">bitcoin's slumping value</a>.3. Betterment's chief executive is thinking about her next deal and looking beyond its roots. Sarah Levy told Insider that there are small startups in the financial-wellness space that <a href="https://www.businessinsider.com/betterment-wealth-management-deal-acquisition-strategy-2022-8">make sense to add</a>.4. Carlyle CEO Kewsong Lee has stepped down with immediate effect. As per Reuters, the news comes months before the scheduled end of his five-year contract. The firm said Lee mutually agreed his contract would not be renewed, without disclosing their reasons. Co-founder Bill Conway will serve as interim CEO <a href="https://www.reuters.com/business/finance/carlyle-ceo-kewsong-lee-steps-down-2022-08-08/">while the search for a new candidate takes place</a>.5. SoftBank reported a record $23 billion quarterly loss. As per the Wall Street Journal, the Japanese technology investor posted one of its biggest losses at its Vision Fund investment unit, after holdings such as <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fsoftbank-reports-23-billion-quarterly-loss-as-tech-downturn-hits-11659940047">Uber and DoorDash lost value amid the tech downturn</a>. 6. Elon Musk said Twitter played "hide-and-seek" as the billionaire sought information. Musk said in a filing with the US Securities and Exchange Commission that the social-media platform misled its user base to distort its value. Twitter said <a href="https://www.businessinsider.com/elon-musk-sues-twitter-deal-counter-lawsuit-2022-8">this was "implausible."</a>7. Amazon's $1.7 billion purchase of the company behind the Roomba vacuum shows it's leaning into home robots. Amazon's first experiment in the sector, with Astro, was <a href="https://www.businessinsider.com/amazon-buys-roomba-maker-irobot-robotics-smart-home-ambitions-2022-8">met with mixed reviews</a>. But, as per Bloomberg, the real prize isn't the money from selling iRobot's robotic vacuums, <a href="https://www.bloomberg.com/news/articles/2022-08-05/amazon-s-irobot-deal-is-about-roomba-s-data-collection">but their ability to map your home</a>.8. Facebook parent Meta debuted in the corporate-bond market with a $10 billion deal. Despite Meta reporting its first ever drop in revenue last quarter, investors still pumped roughly $30 billion in orders toward the transaction, <a href="https://www.marketwatch.com/story/metas-first-ever-corporate-bond-deal-sees-30-billion-in-demand-despite-zuckerbergs-gloomy-warning-11659642412">according to MarketWatch</a>. Bank of America, Barclays, JPMorgan, and Morgan Stanley <a href="https://www.reuters.com/technology/meta-platforms-make-first-ever-bond-offering-2022-08-04/">ran the deal</a>.9. Startup founders are panicked, but most venture capitalists don't want to hear it. Founders are struggling with their mental health, but <a href="https://www.businessinsider.com/startup-founders-mental-health-stress-economy-funding-2022-7">many suffer in silence</a>.10. Popular companies like TikTok's parent ByteDance and Stripe sponsor many H-1B visas for immigrants. Insider has compiled a list of venture-backed startups that sponsor <a href="https://www.businessinsider.com/startups-tech-companies-sponsor-h1b-visas-for-immigrant-workers-2022-8">the most H-1B visas</a>.Done deals:<ul><li>Investment firm KKR and Loop Capital Markets, a black-owned investment bank, have formed an alliance where Loop will offer investment-banking and equity research to KKR's equity-capital-markets clients.</li><li>Private investor Ardian and Crédit Agricole Assurances have acquired an indirect stake in INWIT, a European telecommunications tower operator. The investors have bought a 41% stake from telecommunications company TIM.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Investment bankers worried about lower bonuses are scouring Wall Street for new jobs

<div><div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty ImagesGoldman Sachs CEO David Solomon speaks at the Vanity Fair New Establishment Summit 2018</div></div></div></div>Goldman Sachs is in the midst of a radical transformation as <a href="https://www.businessinsider.com/goldman-sachs-david-solomon-breaks-with-lloyd-blankfein-2019-1" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/goldman-sachs-david-solomon-breaks-with-lloyd-blankfein-2019-1&amp;source=gmail&amp;ust=1562950994342000&amp;usg=AFQjCNEsxamJRXM6y5CBY7Qc8YYrmmwOtg">CEO David Solomon makes his mark</a> on the storied investment bank. The firm is moving away from high risk, unpredictable businesses like trading that were once lucrative but have slowed, and towards more stable areas like its Marcus consumer lending product and <a href="https://www.businessinsider.com/goldman-marcus-executive-speaks-on-apple-card-2019-6" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/goldman-marcus-executive-speaks-on-apple-card-2019-6&amp;source=gmail&amp;ust=1562950994342000&amp;usg=AFQjCNFlrIv8w8x8RKyPo0udUF8KHDV-Jw">a credit card partnership with Apple</a>. The stakes are high. Shares of Goldman are down 9% in the last year, compared to a 12% rise in the S&amp;P.Business Insider <a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">reports regularly on the latest developments</a> at Goldman, which is set to report earnings on Tuesday. Here are some of the key stories that we're following.Goldman meets Main Street <ul><li>Goldman Sachs is making a big bet on Marcus, as it pushes further in to Main Street businesses. Bank execs are now <a href="https://www.businessinsider.com/goldman-executives-discuss-marcus-compare-it-to-amazon-itunes-2019-5?r=gs-lp">opening up about their plans for the business, and they think it can do to banking what iTunes did to the music industry</a>.</li><li>Earlier this year, Goldman paid $750 million in cash to buy wealth manager United Capital. It was its biggest deal in 20 years and a move away from just managing the wealth of the ultra-rich. <a href="https://www.businessinsider.com/united-capital-goldman-sachs-deal-2019-5?r=gs-lp">Here's why Goldman did it</a>.</li><li>Goldman this summer launched a new credit card with Apple. The card was quickly lauded as a huge win for Apple, but the partnership may be a mixed bag for Goldman. <a href="https://www.businessinsider.com/how-much-money-apple-credit-card-will-make-2019-5?r=gs-lp">One research firm breaks it down</a>. </li></ul>Goldman's big tech bets <ul><li>Goldman is ditching its homegrown email app in favor of software offered by Blackberry and Microsoft. The bank's reversal is an example of <a href="https://www.businessinsider.com/goldman-sachs-scraps-homegrown-mobile-phone-software-robit">how hard it can be for non-tech companies to develop big software projects and invest the time and money to keep it up to date</a>.</li><li>At some point in the not-too-distant future, investors may find themselves ponying up monthly subscription fees to Wall Street banks in much the same way they subscribe to <a href="https://www.businessinsider.com/ap-netflix-raising-prices-for-58m-us-subscribers-as-costs-rise-2019-1">Netflix</a> or <a href="https://www.businessinsider.com/hulu-and-spotify-premium-bundle-costs-999-details-2019-3">Spotify</a>. A recent Goldman Sachs job ad <a href="https://www.businessinsider.com/goldman-sachs-developing-subscription-service-around-data-2019-3">gives one of the clearest visions yet for what the business model might look like</a>.</li></ul>The transformation of Goldman's prized alts business <ul><li>Goldman Sachs execs are jockeying for control of the firm's lucrative private investing units after a plan to merge it - and the stakes couldn't be higher. Business Insider <a href="https://www.businessinsider.com/theres-drama-with-goldman-sachs-private-investing-unit-plan-2019-7">spoke to seven insiders to get the inside story. </a></li><li>Rich Friedman built Goldman Sachs' merchant-banking unit into a sprawling collection of funds invested in real estate and infrastructure, private equity, and credit markets that often competes with flashier investment firms like Blackstone, Carlyle, and KKR. <a href="https://www.businessinsider.com/rich-friedman-goldman-sachs-profile-2019-4">Friedman may be asked to take on a more public role as CEO Solomon looks to shine the light on Goldman's alternative-investing activities</a>.</li></ul>Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/animated-map-where-american-accents-come-from-2018-5">Animated map shows where American accents came from</a></h3> <div> </div> </div>

The shakeup of Goldman Sachs

<ul><li><keyword id="7087972" type="COMPANY" weightage="20" keywordseo="mobile-premier-league">Mobile Premier League</keyword> had plans of spending 40% of its marketing budget on <keyword id="6354312" type="COMPANY" weightage="20" keywordseo="IPL">IPL</keyword> this year.</li><li>With the suspension of the league, we speak to <keyword id="6176095" type="UNKNOWN" weightage="20" keywordseo="Abhishek-Madhavan">Abhishek Madhavan</keyword>, Senior Vice President, Growth and Marketing, MPL who tells us how the brand plans to communicate with its consumers now, and what its plans to grow the business further is.</li></ul>The <keyword id="6357332" type="UNKNOWN" weightage="20" keywordseo="Gaming">gaming</keyword> and esports sector in India has been witnessing good growth in India, thanks to improved accessibility in technology and cheaper internet. That investors and venture capitalists are putting in monies in the sector is further proof that there is a huge opportunity. A recent report by <keyword id="274082" type="COMPANY" weightage="20" keywordseo="Maple-Capital-Advisors">Maple Capital Advisors</keyword> stated that the Indian gaming sector saw investments of around $544 million between the August 2020 and January 2021 period, a number that is expected to double over the next 12-18 months on the back of higher user awareness and accelerated engagement. Over the past few years, we have seen a number of e-gaming players enter the market. Many of these have been spending substantial amounts on advertising too. One such player, Mobile Premier League (MPL), announced in February this year that it had raised $95 million in a Series D round of funding, bringing its value to $945 million after raising. With this fresh round of funding, MPL planned to expand its eSports portfolio and bolster its efforts to organize more eSports tournaments nationally and internationally at scale. It is also looking at accelerating its international expansion this year. Last month, MPL also acquired esports gaming platform <keyword id="6231572" type="COMPANY" weightage="20" keywordseo="GamingMonk">GamingMonk</keyword> that hosts esports tournaments across multiple platforms. MPL had invested on the Indian Premier League last year and reaped impressive results, it saw the number of gamers on its platform go up 7X post IPL so this year too, the platform had launched an aggressive campaign to grab maximum eyeballs during the league. However, with the suspension of the league, how does it impact its marketing plans for the rest of the year? We spoke to Abhishek Madhavan, Senior Vice President, Growth and Marketing, MPL who told us how the year has been so far for the platform and what more we can expect from it through the rest of the year. Excerpts: <cmsannotation type="cmsannotation" annotationid="Q) We had thought 2020 was a difficult year but 2021 has been an even difficult one so far. How has the year been so far for MPL from a business standpoint?" text="Q) We had thought 2020 was a difficult year but 2021 has been an even difficult one so far. How has the year been so far for MPL from a business standpoint?">Q) We had thought 2020 was a difficult year but 2021 has been an even difficult one so far. How has the year been so far for MPL from a business standpoint?</cmsannotation> It’s been quite a year in general. What the country is witnessing is unprecedented and right now, our focus is on trying to do our bit in helping out and ensuring that our employees and their families are safe. <cmsannotation type="cmsannotation" annotationid="Q) In terms of growth, the pandemic had led to a lot of people staying at home, exploring newer ways of keeping themselves entertained and fantasy gaming benefited from that. What kind of growth have you witnessed in the last one year?" text="Q) In terms of growth, the pandemic had led to a lot of people staying at home, exploring newer ways of keeping themselves entertained and fantasy gaming benefited from that. What kind of growth have you witnessed in the last one year?">Q) In terms of growth, the pandemic had led to a lot of people staying at home, exploring newer ways of keeping themselves entertained and fantasy gaming benefited from that. What kind of growth have you witnessed in the last one year?</cmsannotation> Last year’s lockdown due to the pandemic was a black swan event that nobody could have foreseen. Yet, it did help the gaming industry as people explored their skills by taking to gaming platforms from their homes. However, pure fantasy apps were affected due to the lack of live sporting action last year. That being said, we added over 3 crore users on MPL last year. <cmsannotation type="cmsannotation" annotationid="Q) You were supposed to spend 40% of our ad budget on IPL. As the league stands postponed indefinitely, how are you modifying your marketing plans for the rest of the year?" text="Q) You were supposed to spend 40% of our ad budget on IPL. As the league stands postponed indefinitely, how are you modifying your marketing plans for the rest of the year?">Q) You were supposed to spend 40% of our ad budget on IPL. As the league stands postponed indefinitely, how are you modifying your marketing plans for the rest of the year?</cmsannotation> We will be back on IPL media properties whenever the league returns. However, since our business is not IPL dependent, we are looking at other conventional media channels to run our brand campaigns on, at the moment. <cmsannotation type="cmsannotation" annotationid="Q) You had an aim of increasing your user base to 10 crore by the end of the league. How do you aim to achieve this target now?" text="Q) You had an aim of increasing your user base to 10 crore by the end of the league. How do you aim to achieve this target now?">Q) You had an aim of increasing your user base to 10 crore by the end of the league. How do you aim to achieve this target now?</cmsannotation> We are a gaming platform. And while the IPL definitely helps us, what we offer our users goes beyond just fantasy sports. There are over 50 games on MPL across categories like esports, casual, fantasy, etc, and once things get better for the country, you will hear from us on our campaigns. Right now, our focus is on helping the situation get better in whatever way we can. <cmsannotation type="cmsannotation" annotationid="Q) What kind of growth had you seen from associating with IPL last year?" text="Q) What kind of growth had you seen from associating with IPL last year?">Q) What kind of growth had you seen from associating with IPL last year?</cmsannotation> Last year’s IPL broke viewership records and we too benefited from our partnerships and associations with teams such as KKR and RCB. We engaged our gamers with activities such as player meet-and-greets, special contests, and giveaways. During IPL 2020, the number of fantasy gamers on MPL increased by 7 times compared to pre-IPL, and the number of daily installs of the MPL app increased by 100% compared to pre-IPL 2020. <cmsannotation type="cmsannotation" annotationid="Q) In the last few years, there has been a boom of fantasy gaming platforms in India. How are you differentiating yourself?" text="Q) In the last few years, there has been a boom of fantasy gaming platforms in India. How are you differentiating yourself?">Q) In the last few years, there has been a boom of fantasy gaming platforms in India. How are you differentiating yourself?</cmsannotation> We are a full-fledged gaming platform with a 365-day value proposition and we aren’t a fantasy app that is dependent on sport seasons or leagues. With our wide variety of games and features, we attract a wide range of users above the age of 18, going all the way to ages 60 and above. Gamers can find all kinds of games on our platform, along with social features to connect with the gaming community. We are also organising fortnightly esports tournaments in games such as Chess, World Cricket Championship, etc, and entry to these tournaments is absolutely free, with lakhs in prize money up for grabs. We are also live-streaming these tournaments to millions of viewers through our social media handles. <cmsannotation type="cmsannotation" annotationid="Q) Where do you think MPL's next phase of growth will come from?" text="Q) Where do you think MPL's next phase of growth will come from?">Q) Where do you think MPL's next phase of growth will come from?</cmsannotation> Esports is currently on the upswing in India and across the world. We think India has an abundance of talent in esports and mobile esports is the best way forward in recognising and honing this vast talent pool. Esports being recognised by traditional sports competitions like the Asian Games is a big boost for this sector. We aim to take esports to the masses via our mobile application and are geared for the growth coming in from this sector. <cmsannotation type="cmsannotation" annotationid="Q) Will you continue with your Hain Akal Khelo MPL campaign despite IPL's suspension considering it had been gaining traction?" text="Q) Will you continue with your Hain Akal Khelo MPL campaign despite IPL's suspension considering it had been gaining traction?">Q) Will you continue with your Hain Akal Khelo MPL campaign despite IPL's suspension considering it had been gaining traction?</cmsannotation> The core message behind the ‘Hain Akal Khelo MPL’ campaign is that fantasy sports require skill and knowledge of the game. While we launched it along with the IPL, the campaign continues to run as the core message applies to all fantasy sports. <cmsannotation type="cmsannotation" annotationid="Q) What is your vision for MPL? Where do you want to see it in the next few years?" text="Q) What is your vision for MPL? Where do you want to see it in the next few years?">Q) What is your vision for MPL? Where do you want to see it in the next few years?</cmsannotation> We want to be the world’s biggest esports and skill gaming platform. That is the vision we have right from the start and we feel India is poised to become a global leader in esports. We have a great number of skilled game developers who can make games for the world and we have so many gamers who are waiting for an opportunity to excel in esports. By bringing them together on our platform, we can exhibit India’s prowess to the world. Our Indonesia business is doing really well and this has encouraged us to plan to expand to other geographies as we march towards realizing our vision.

We will be back on IPL media properties whenever the league returns: Abhishek Madhavan, Mobile Premier League

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.youtube.com/watch?v=DdkuXNemQ8M">DraftKings TV</a></div></div></div>You are not imagining it: daily fantasy sports companies spend incredible amounts of money on <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword>. According to Nomura analyst Anthony DiClemente, DraftKings and FanDuel likely spent a combined $150 million on TV and internet advertising in the third quarter, which ended September 30 and included the beginning of the football season. This is a massive sum of money. All told, this increase in spending from DraftKings and FanDuel could add 0.5% to TV advertising growth in the third quarter of the year.For some perspective, total spending on TV advertising in the third quarter was over $15 billion. And so while daily fantasy sports are small advertisers on an absolute basis, they did move the industry needle. <div class="KonaFilter image-container display-table"><div><div class="image">Nomura</div></div></div>But as outlets ranging from <a href="http://blogs.wsj.com/cmo/2015/09/16/are-draftkings-and-fanduel-bombarding-fans-with-too-many-ads/">The Wall Street Journal</a> to <a href="https://www.Reddit.com/r/fantasyfootball/comments/3kgy4e/anyone_else_annoyed_with_how_hard_espn_is_pumping/">threads on reddit</a> have noted, these ads are little annoying. And <a href="http://www.legalsportsreport.com/3483/draftkings-tv-commercial-blitz/">according to Legal Sports Report</a>, in late summer just ahead of the start of the NFL season, DraftKings was averaging a commercial every 90 seconds. So basically, if you've been near a television on a weekend in the last couple months you've seen a commercial for FanDuel or DraftKings (and potentially been annoyed by it). The recent negative PR for the companies, however, will now put to the test just how effective that advertising has been. On Monday, <a href="http://www.nytimes.com/2015/10/06/sports/fanduel-draftkings-fantasy-employees-bet-rivals.html?ref=sports">news broke</a> that data from DraftKings was inadvertently leaked before the start of NFL games two weekends ago. That same weekend, an employee from DraftKings won $350,000 playing daily fantasy sports on FanDuel. <div class="KonaFilter image-container display-table"><div><div class="image on-image">YouTube/Screenshot</div></div></div>The <a href="https://newsroom.fanduel.com/2015/10/05/integrity-of-our-employees/">companies have said</a> this data leak was not related to that employee's winnings. They did, however, revise policies that allowed employees to play daily fantasy at other sites. Daily fantasy sports, for the uninitiated, give every player a budget which they use to select players they think will accumulate the most points in a given week - rushing yards, passing yard, touchdowns, etc. - with everybody picking all new teams each week.Traditional fantasy sports see players stay on one team all year (or most of it: the details aren't that important), which can get boring. Daily fantasy also pays out big prizes for very little money (which is important). And if you're wondering, it's not gambling <a href="http://www.businessinsider.com/why-draft-kings-and-fanduel-are-legal-2015-4">because of a legal technicality</a>. (They've been judged games of skill, not luck. For now.)As <a href="http://www.techinsider.io/fantasy-football-favors-the-sharks-heavily-over-the-fish-2015-9">Tech Insider's Drake Baer wrote a few weeks ago</a>, the way daily fantasy games work is by using the "shark and fish" theory. This basically means the games need a lot of people to play - even for a little bit of money - in order to pay out big prizes which, in theory, entice people to keep playing. The way the companies spend money on advertising certainly makes clear that this is a one-way bet on increasing user growth. And so now if you're unsure about the integrity of the game you're getting on DraftKings and FanDuel, are you likely to keep playing?<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael J. LeBrecht II /Sports Illustrated/Getty ImagesNigel Eccles, CEO, and Tom Griffiths, CPO, of FanDuel.</div></div></div>At first blush, then, this news seems very bad for the companies and was initially characterized as akin to "<a href="http://www.nytimes.com/2015/10/06/sports/fanduel-draftkings-fantasy-employees-bet-rivals.html?ref=sports">insider trading</a>" while others argued that its more like "<a href="http://www.marketwatch.com/story/the-fantasy-sports-scandal-is-more-like-front-running-than-insider-trading-2015-10-06">front-running</a>."Your view on which financial crime this most vaguely resembles doesn't really matter (and again, <a href="https://newsroom.fanduel.com/2015/10/05/integrity-of-our-employees/">the companies said</a> there is no evidence this information was used to anyone's advantage).What does matter is that people have noticed and taken an interest in even this limited scandal because, a) these companies have been in-your-face advertising like crazy and frayed the nerves of even folks who play and support the venture and, b) these companies depend on having and maintaining consumer confidence. Again, these companies' entire business model is dependent on an ever-growing pool of players to pay a little bit of money for a very small shot at a very big prize.(And like, yes, every company's business model is, at heart, a bet that the market for their product will get larger, but these companies very literally need more money to keep coming in order to keep delivering on the payouts promised, which are the company's whole appeal.) Now, this hiccup for the industry isn't likely to derail the whole thing. As DiClemente points out, both companies have raised more than $350 million in venture funding, with the "vast majority" raised since July.DiClemente also notes that DraftKings has a 3-year, $250 million spending commitment with ESPN and that there are several big venture capital and private equity names invested in these companies in addition to sports leagues themselves. Investors in DraftKings include 21st Century Fox, Kraft Group (founded by Robert Kraft, owner of the NFL's New England Patriots), and Melo7 Tech Partners (the venture capital firm founded by New York Knicks star Carmelo Anthony). FanDuel investors include KKR, Google, and Time Warner Investments. And so future advertising spending from these companies' partners seems likely to continue given that many daily fantasy investors are the investment arms of companies that will reap the benefits of DraftKings and FanDuel continuing to spend ad dollars. But the whole thing ultimately depends on the typically fickle whims of consumers. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fantasy-sport-accused-of-insider-trading-nfl-draftkings-fanduel-2015-10">Fantasy sports employees may be cheating the competition </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tsbDIyeDoLW6tjYUpVAYl7pdMfRUjac0" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Fantasy sports companies spend so much on commercials they're moving the needle on TV ad spending

With IPL 7 moving into the business end, the big-ticket players are taking centerstage but there are some uncapped Indian players who have matched the international star cast in their performances so far. Here, gocricket.com takes a look at the top five uncapped players who have surprised everyone in IPL 7. 
 
Yuzvendra Chahal - seven innings, eight wickets, economy 5.96 
 Picked up for Rs 10 lakh, the legspinner has not only justified his place in the star-studded playing XI of <keyword id="6354506" type="CITY" weightage="40" keywordseo="Royal-Challengers-Bangalore">Royal Challengers Bangalore</keyword>, but has done remarkably well for the franchise. Chahal has been preferred ahead Muttiah Muralitharan and has reaffirmed RCB's faith by claiming seven wickets from seven matches, most importantly at a miserly economy of 5.26 runs per over. The 23-year-old's guile has left many big players in a tizzy and he has so far reaped the rewards flighting the ball up to the batsmen. His bowling against <keyword id="6354884" type="ORGANIZATION" weightage="40" keywordseo="Delhi-Daredevils">Delhi Daredevils</keyword> and <keyword id="13880" type="COMPANY" weightage="40" keywordseo="Mumbai-Indians">Mumbai Indians</keyword> in the UAE were exemplary performances, for which Chahal won one Man-of-the-Match prize and deserved a second. 
 
Suryakumar Yadav - eight innings, 127 runs, average 42.33 
 Suryakumar Yadav played just one game in the IPL for Mumbai Indians last year and scored a duck, but glimpses of his a hard-hitting pedigree were on view at the <keyword id="6360761" type="ORGANIZATION" weightage="40" keywordseo="Champions-League">Champions League</keyword> Twenty20 later in the year, and <keyword id="6354467" type="PERSON" weightage="40" keywordseo="Kolkata-Knight-Riders">Kolkata Knight Riders</keyword> roped him in for 70 lakh and slotted him as a finisher in their XI. Despite KKR's poor run of form, Yadav has managed to string together decent scores - 24*, 34, 31 against RCB, KXIP, RR - coming in during the slog overs. His enterprising brand of strokeplay has lifted the team as well. His 31 off 19 balls helped spark life into the KKR chase in the Super Over match versus <keyword id="13802" type="CITY" weightage="40" keywordseo="Rajasthan-Royals">Rajasthan Royals</keyword> and even in the field he has been a live-wire - a total value for money for KKR. 
 
Karun Nair - five innings, 138 runs, average 34.50 
 
Coming into IPL 7 on the back of a stupendous 2013-14 first-class season in which he hit centuries in three successive Ranji Trophy matches for Karnataka, RR decided to be give the 22-year-old a chance in the fourth game after Abhiskek Nayar's continuous failure as an opener. Nair did not start off well scoring 8 and 1, but RR persisted with him and he hit 73 off 50 balls leading his team to a win against Daredevils. In the next game, he contributed a brisk 44 against KKR. Picked up for Rs 75 lakh, Karun has so far proved to be a good gamble for RR and in all probability will continue to open. 
 
Pravin Tambe - eight games, 13 wickets, economy 6.21 
 
IPL's very own Cindarella story. The 42-year-old legspinner has been a revelation in IPL 7 with 13 wickets in eight games, briefly holding the Purple Cap for most wickets. Again part of the RR setup, who have the knack of getting the maximum out of their budget players, Tambe has proved to be the most vital cog in the bowling attack. In IPL 6 Tambe played three matches taking two wickets but it was in the Champions League that he made headlines by picking up 12 wickets in five matches. Getting the services of the Mumbai legspinner by using their right-to-match card at the IPL auctions, RR got it right - and Tambe has proved an excellent purchase for just 10 lakhs. 
 
Akshar Patel - seven innings, six wickets, economy 6.50 
 
While all the talk around KXPI has centred on their explosive batting and foreign imports, the impact of allrounder Akshar Patel has gone by under the radar. Used more as a bowler than a batsman, the left-arm orthodox spinner has been able to provide vital breakthroughs. Patel, 20, features very high among those who have sent down the most dot balls in IPL 7 and has taken six wickets at an economy of 6.50 runs per over. The BCCI Young Player of the Year Award for his stirring performances in Under-19 tournaments in 2012-13, purchased by KXIP for 75 lakhs, is clearing finding his footing among the big boys and should be a regular in the coming matches.

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